Millennials on the Move: Dunwoody in Position to Flourish Post-Covid

Dunwoody in Position to Flourish Post-COVID

The perfect combination of suburban and urban, Dunwoody is attracting Millennials

COVID-19 has already stunned our world and markets, it is also encouraging new ideas for our millennial movers and shakers. While millennials are fleeing the highly populated cities where COVID-19 is the most prevalent; suburban areas such as Dunwoody, are benefiting from their migration both residentially, commercially, & professionally.

Michael Starling, the city’s Economic Development Director, reported to FOX Business, “Dunwoody is a place where people come to work and raise a family, we are transitioning from having primarily retail and offices to more residential development. Now we are becoming more of a mixed-use place.”

Corporate companies are also growing and offering jobs in the area, this hybrid type of development area is appealing for the millennials and Gen Z groups. In fact, they make up 50% of the Dunwoody population with a median resident age of 36. This only further proves the movement and attractiveness of this area with the growing market and it can only go up from here. “The office and housing market are a value compared to living in Atlanta, Dunwoody is an affordable alternative people are looking for, whether it’s by choice or necessity. For a lot of these edge cities like Dunwoody, as growth has occurred, new jobs and employment follow,” Starling said.

Dunwoody has so many incredible attributes already and it just seems to be getting better. COVID-19 has caused a lot of people to reconsider their current residence and Dunwoody seems like the place to live! With a family-friendly environment, an increase in jobs, a more affordable cost of living, access to public transit, and a quick commute to the city – it should be no surprise that the population of residential buyers and more companies are coming to check out what Dunwoody real estate has to offer.

How COVID-19 is Changing Buyer Needs

With people spending more time in their homes than ever before, the “must-haves” of a home today are very different from the “must-haves” of a year ago. Whether it be more room for a home office, a renovated kitchen for more home-cooked meals, or a relaxing backyard escape, potential homebuyers need their homes to match their new lifestyle.

How COVID-19 is Impacting Schools

According to the National Center for Education Statistics, about 3% of students in the United States were home-schooled during the 2011-12 school year. But a poll taken in May of more than 2,100 parents found that 40% said they were more likely to home-school or virtual school even after certain restrictions were lifted.

As a result, when looking for their next home, one of the top priorities for many families is a designated space for their children to work in. With multiple states requiring different school re-opening strategies, many families will need to accommodate the sudden need for space for students to work in.

Designate a Home Office

Due to COVID-19, working from home has become a viable option for many. As a result, one of the top features that home buyers are looking for today is a designated home office.

Having a proper office space can help remote workers acclimate to their work style and be more productive. Like students, without a designated place to work, it is very easy to become unorganized, distracted, or even stressed. A home office gives homeowners a mini workspace to emulate any on-location position they held in the past.

Aside from the convenience of working from home, a designated home office could potentially increase your home’s estimated value by approximately $10,562 according to the Top Agent Insights Q2 2020 Report by HomeLight.

Find the Perfect Chef’s Kitchen

Although finding a home with a designated workspace is one of the top priorities for potential homebuyers, finding a home with an updated kitchen comes in at a close second.

Sick of buying delivery or ordering take-out, many people have turned to cooking and baking for themselves. New data from Influence Central shows that 88% of consumers are cooking more meals at home in the midst of the pandemic with 49% making meals from scratch. With the new wave of amateur bakers and chefs, having a space to hone their new craft is an addition to homebuyer wish lists.

Finding the Perfect Outdoor Oasis

Until a vaccine is created, many homebuyers are looking for their own outdoor oasis. Instead of outings to crowded cities or trips to the park, many are preferring the comfort of their backyard. The backyard is a journey to relaxation and play and during the midst of this pandemic, it’s the one place that many homebuyers want to escape.

In addition, while landscaping and curb appeal projects have traditionally been the most-recommended for marketability, any home seller who can boast a backyard private oasis will likely catch the attention of a stir-crazy nation.

Contact Us

Even though COVID-19 continues to sweep the nation, life continues to flourish inside of our homes. Families are now spending more time than ever inside in the comfort of their homes. With more time at home, you may be rethinking how your wish list has changed for your dream home. Will you need more space for home learning or an updated kitchen for new, delicious recipes?

Contact us at KarenCannon.com to learn more about how we can help you find the perfect home to fit your changing needs. Explore Dunwoody homes for sale and Sandy Springs home for sale.

Summer View: Our Sights Are Set on Success

Summer Home-Buying is Heating Up

After the COVID-19 pandemic started to negatively affect the economy, we have to admit that the team here at Karen Cannon, Realtors got a little worried. We were very concerned about how the economy’s decline would affect the housing market, especially the housing market in the Sandy Springs and Dunwoody areas. Well, we are pleased and blessed to report that while we did see a slight dip in April, May started to pick back up and by June, we saw numbers that rivaled those of the previous year. In fact, our anticipated sales volume for July is already 42% higher than July of last year.

In addition to that, homes are selling quicker now than any other time in the past two years, according to a new analysis provided by Zillow. While we understand that the economy hasn’t fully recovered, we couldn’t feel more optimistic about the gradual recovery that we have seen in the housing market in our area. We are feeling very positive about how the industry is starting the summer buying season and we also can’t wait to be busy this summer as we anticipate that it’s going to be a big one!

Bouncing Back
It’s probably not a big surprise that there was a dip in the housing marketing at the start of the pandemic, but what’s also interesting is the market’s resilience, and home values are one of the most notable examples of that resilience. Data received from the National Association of Realtors® (NAR), indicates that while sales numbers dipped in April, home prices have actually increased.

Not only have home values continued to increase but they have actually risen 4.3 percent year-over-year according to a report from Zillow. In that report, we also see that “the housing market has shown resilience during the coronavirus pandemic, slowing as stay-at-home orders were given across the country, but not screeching to a halt.”

At the start of the pandemic, the housing market saw both sellers and buyers shy away from buying and/or selling their homes. While that does seem like there was less housing demand at various times, there was also less supply. This resulted in a rising home value trajectory due to the supply and demand balance.

The stability of the marketing isn’t only seen in reference to home prices. Among other things, sales are bouncing back. With the trends that we are currently seeing, potential buyers must act quickly. While sellers have been delayed in making progress, they should keep in mind that buyers are wanting to press forward quickly and list their homes as quickly as possible. “Buyers shopping today might expect to be welcomed by desperate sellers, but they’ll instead discover houses selling like hotcakes in the speediest market in recent memory,” said Zillow Economist Jeff Tucker.

We Aren’t There Yet
As we all know, everything hasn’t quite returned to normal, even though there are signs of stabilization in the housing market. For now, though, the improving trajectory of many housing market metrics is something to keep at the top of mind. As we start the summer selling season, many things may still be uncertain but we are definitely moving in the right direction. In fact, as we see it now, our road to recovery looks incredibly bright. We have seen many of our sellers experience some competition starting to happen and even a few bidding wars.

We have a long road to economic stabilization and recovery but the future of the housing market is bright!

Looking Past COVID-19: Ramping Up for What’s Next

At Karen Cannon, Realtors, we understand the challenges that are presented by the COVID-19 pandemic. No one could have known that this virus would bring the world to a screeching halt, and we could not have known that 2020 would see a great stock market, good job reports, and growth all stop in a few short months. Even so, we are dedicated to making our clients’ home buying and selling needs our top priority as well as making the process as safe as possible.

There are a few tips here that explain what the road back should look like, and you can even begin to look for new properties, sell with confidence, and work remotely with a Realtor® right now. As the top-rated Dunwoody agents, our team has the expertise to assist our buyers and sellers with everything related to Dunwoody and Sandy Springs real estate including other surrounding locations in North Atlanta.

How Has the Housing Market Changed?

Luckily for the team here at Karen Cannon, Realtors, our hard work and expertise allowed us to remain consistent during the first month of COVID-19 and actually see similar numbers to the same time last year. April and May were also great months for us as everyone kept busy, but we knew that we needed to do something to accommodate all our clients who wanted to buy and sell homes.

We also know that June, July, and August can be busy months in our industry. Some of our clients may be nervous as they look for Dunwoody and Sandy Springs homes, or simply want to search all of North Atlanta. This is why our top-rated Dunwoody agents will offer more than ever to help our clients.

How Have We Improved Virtual Services?

We have expanded our virtual offerings to make sure that every client feels as safe and as comfortable as possible throughout the home buying and selling process. Our team uses specialized tools, technology, and practices to help keep our clients and team members safe during COVID-19.

First, we are always available to meet with each of our clients virtually. Whether it be on Facetime or Zoom, our clients’ comfort and safety will always be our first priority. Next, we offer expanded digital offerings for our listings. Strengthening the digital presence of listed homes through photography, video home tours, 3D virtual tours, aerial photography, floorplans, and virtual staging allows more people to view their dream home from the comfort of their current one.

Interest Rates Are Dropping

Interest rates have been dropping and that makes it even easier to work with one of our professional Realtors®. We can show you how to choose the most appropriate home and help you find financing. We have established relationships with many local and trusted providers and would be more than happy to connect you with the financing provider that best fits your needs. When you work with us, we help you through the entire process, making it as stress-free and seamless as possible.

People Are Already Shopping for Homes

At Karen Cannon, Realtors, we know that many people have already been shopping for their next home. Many have been using this time at home to start looking for something that will help them move to the next phase of their life. We understand and are ready to help our clients make the best choice for them.

Are Sandy Springs & Dunwoody Homes Selling?

Dunwoody and Sandy Springs are affluent areas in Northern Atlanta that attract those craving a traditional suburban lifestyle but with close proximity to corporate businesses and commerce. This area is filled with older homes that have the charm you are looking for, planned developments that you will love, and even new construction.

While we may have seen a slight decrease in activity at the initiation of COVID-19, the months of April and May were consistently busy. Now that June has started with the same level of demand, we anticipate that to continue along the same trend.

Reach Out to Karen Cannon, Realtors Today

The housing market is rebounding and we have been extremely active during the pandemic. We are an “essential business” that has been safely operating as people look to sell their homes. We also help first-time home-buyers and people relocating to Sandy Springs and Dunwoody. We ensure that each home closes successfully and we will be with you long after you close on your home. Explore Dunwoody homes for sale and Sandy Springs home for sale today!

How Accurate Are Zillow Estimates?

How much is my home worth? Before you move, it’s the first question you have to ask. There are numerous real estate value estimators online, but Zillow’s is by far the most popular. While surfing homes on Zillow.com, home values are assessed to the dollar. This can be very misleading. If you are committed to starting online, start by collecting data from numerous sites like Zillow, Realtor.com, and Trulia to see the differences in estimates.

Taxes

Professionals agree that online home estimators have advanced in the last 5 years and are useful as a ballpark pricing tool. They are not comparable to value estimates made by professional real estate agents. In addition to public data on the sale of property in that area, “the Zestimate also takes into account actual property taxes paid, exceptions to tax assessments, and other publicly available property tax data. Tax assessor’s property values can be inaccurate. The tax assessor’s database might have a mistake related to a property’s basic information. This causes the assessed value to be too high or too low.” For instance, a finished basement or exterior improvement.

Market Algorithm

One of the major issues we see within Dunwoody and Sandy Springs real estate market is the issue Zillow has with turnover. The more homes sell in a particular area in a period of time, the more data Zillow has on estimated value. Families in our area tend to retain their homes and thus the cost at purchase is very different than selling.

Home Upgrades

Many homeowners choose to make upgrades on their current homes. This is generally overlooked by Zillow unless the upgrade requires a permit. Once that permit is issued and passed along to the tax assessor, it will then be a factor of the “Zestimate.” It is important to research which home improvement investments have the greatest return on investment. An experienced Realtor will be able to offer insight as to which renovations will make your home more appealing.

Get a Complete Value

Zillow.com is a great tool for allowing potential buyers or sellers an idea of what and where they need to be looking. If you are more serious, the only way to get an accurate answer is to contact a real estate agent. Five homes built in the same year in the same area code, can be priced differently based on a number of factors. In addition to factoring in home improvements and similar home values, they can weigh in school districts, potential growth, taxes and neighborhood trends to assess the value of your unique home. When you are ready to get an estimate on your home, call Karen Cannon Realtors. Our real estate team has also been recognized as a Top 5% for Team Volume. Every agent on the KCR team has been chosen for his or her professionalism, industry knowledge, and connection to the community. This recognition reinforces the fact that we have one of the most accomplished teams in town.

Sources: www.investopedia.com